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| Section | Weight | Objectives |
|---|---|---|
| The Modern Mutual Fund | 5% | |
| Understanding Alternative Managed Products | 3% | |
| Analysis of Mutual Funds | 10% | |
| Introduction to the Mutual Funds Marketplace | 13% | |
| Understanding Investment Products and Portfolios | 18% | |
| Know Your Client (KYC) Communication Process | 19% | |
| Ethics, Compliance, and Mutual Fund Regulation | 16% | |
| Evaluating and Selecting Mutual Funds | 16% |
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NEW QUESTION # 488
Felipe is a Dealing Representative who is developing a non-registered investment solution for Laryssa. Felipe is debating between recommending either mutual fund trusts or mutual fund corporations. He wants to recommend an investment that reduces Laryssa's exposure to taxation.
Which feature may influence his recommendation?
Answer: C
Explanation:
A mutual fund corporation is a type of mutual fund structure that is organized as a corporation and issues different classes of shares to investors. A mutual fund corporation has the ability to allocate its income and expenses among the different classes of shares, and to distribute any income received by the corporation in the form of either capital gains or Canadian dividends. These types of distributions are taxed at lower rates than interest or foreign income, which may reduce the tax liability of the investors. A mutual fund corporation can also use capital losses to offset capital gains, and carry them forward or back to reduce taxable income in other years.
References = Canadian Investment Funds Course, Unit 6: Mutual Funds, Lesson 2: Mutual Fund Structures, Section 6.2.2: Mutual Fund Corporations1; CIFC prepkit, Chapter 6: Mutual Funds, Question 6.2.2 2
NEW QUESTION # 489
What is the national self-regulatory organization (SRO) for investment dealers?
Answer: D
Explanation:
The national self-regulatory organization (SRO) for investment dealers is the Investment Industry Regulatory Organization of Canada (IIROC). An SRO is a non-governmental organization that sets and enforces rules and standards for its members in a specific industry or profession. IIROC is an SRO that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC's mandate is to protect investors and support healthy capital markets by ensuring high standards of conduct, competence, and compliance among its members and their representatives. Therefore, option D is correct regarding the national SRO for investment dealers. The other options are not correct or relevant to the question. Option A is false because there is no such organization as the National Securities Commission in Canada; rather, there are provincial and territorial securities regulators that form the Canadian Securities Administrators (CSA), which is a council of securities regulators that coordinates and harmonizes regulation for the Canadian capital markets. Option B is false because the Mutual Fund Dealers Association of Canada (MFDA) is not the national SRO for investment dealers; rather, it is the national SRO for mutual fund dealers and their representatives in Canada. Option C is false because the Canadian Securities Administrators (CSA) is not the national SRO for investment dealers; rather, it is a council of securities regulators that coordinates and harmonizes regulation for the Canadian capital markets. References: [IIROC - Home], [SROs | GetSmarterAboutMoney.ca], [CSA - Home]
NEW QUESTION # 490
Over the course of a couple of weeks and several appointments, Harold was finally able to provide an investment solution for his new client, Felicia. It was a lump sum investment where they plan to see her money grow for the next 5 years.
With regards to Know Your Client (KYC) requirements, what are Harold's responsibilities moving forward?
Answer: C
Explanation:
Know Your Client (KYC) requirements are ongoing obligations that advisors must fulfill to ensure that they provide suitable recommendations and services to their clients. KYC requirements include collecting and documenting information about the client's personal and financial situation, investment objectives, risk tolerance, and investment knowledge. KYC requirements also include monitoring and updating the client's information and investment performance on a regular basis. According to the Mutual Fund Dealers Association of Canada (MFDA), advisors must review the KYC information at least once every 36 months, or more frequently if there are any material changes in the client's circumstances or needs1. Advisors must also monitor the investment performance of the client's portfolio and compare it with the client's expectations and goals. If the investment performance is not satisfactory or consistent with the client'srisk tolerance, advisors must take appropriate actions, such as rebalancing the portfolio, switching funds, or revising the investment strategy2. Therefore, Harold's responsibility moving forward is to monitor the investment performance of Felicia's lump sum investment and determine if it is on track to satisfy her financial needs for the next 5 years. He must also review her KYC information at least once every 36 months, or sooner if there are any changes in her situation or objectives. References:
* MFDA Bulletin #0756-P - Know-Your-Client and Suitability1
* MFDA Bulletin #0760-P - Monitoring of Investment Performance2
NEW QUESTION # 491
A 3-year, 3.25% coupon-paying bond sells for $95.72 (interest is paid semi-annually). Assuming the par value is $100, what is the yield to maturity of this bond (using the approximation formula and rounded to two decimal places)?
Answer: C
Explanation:
Using the semi-annual periods implied by the answer set, the coupon payment is $3.25 ÷ 2 = $1.625 every six months. The bond will also appreciate by $4.28 from its current price of $95.72 to its $100 par value over six semi-annual periods, giving approximately $0.7133 of price appreciation per period. The approximate periodic yield is therefore ($1.625 + $0.7133) ÷ (($100 + $95.72) ÷ 2) # 2.39% , making D the intended answer. IFC describes YTM as incorporating the bond ' s market price, coupon, capital gain or loss to maturity, time to maturity, and reinvestment of coupons. Strictly annualized, this periodic result would be approximately 4.78%; that value is not among the supplied options, so the question is using the semi-annual periodic approximation.
NEW QUESTION # 492
Which information is typically included in the Letter of Engagement?
Answer: D
Explanation:
The information that is typically included in the Letter of Engagement is the client's responsibilities. A Letter of Engagement is a document that formalizes the relationship between a registered firm and its client by specifying the duties, responsibilities, and level of service that both parties agree to. It also outlines the fees and charges that apply to the client's account, the scope and frequency of reporting and communication, and the process for resolving disputes or terminating the relationship. The client's responsibilities may include providing accurate and complete information, reviewing statements and reports, informing of any changes in circumstances or objectives, and complying with applicable laws and regulations. Therefore, option A is correct regarding what information is typically included in the Letter of Engagement. The other options are not correct or relevant to the Letter of Engagement. Option B is false because the process for complaints is not typically included in the Letter of Engagement; rather, it is part of the Relationship Disclosure Information (RDI) that is provided to clients at account opening and updated as necessary. Option C is false because the investment objective is not typically included in the Letter of Engagement; rather, it is part of the Know Your Client (KYC) information that is collected from clients at account opening and updated as necessary. Option D is false because the payee for deposits is not typically included in the Letter of Engagement; rather, it is part of the account documentation that specifies how clients can deposit or withdraw funds from their accounts.
References: [Letter of Engagement | IFIC], [Relationship Disclosure Information | IFIC], [Know Your Client (KYC) | IFIC]
NEW QUESTION # 493
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